Crypto
Strategy Stock Jumps as Bitcoin Buying Resumes After 10-Week Pause
Michael Saylor-backed Strategy (formerly known as Microstrategy) MSTR stock rose in trading on Monday after the company resumed buying Bitcoin (BTC), ending a 10-week pause in acquisitions.
The company acquired 4,603 BTC for approximately $369.7 million between Aug. 24 and Aug. 30, paying an average of $80,318 per Bitcoin.
Strategy funded the purchase through sales of its Class A common stock under its at-the-market (ATM) program, selling 4,531,421 MSTR shares for approximately $602.8 million during the period.
The company allocated $151.8 million of the proceeds to repurchase 1,557,177 shares of its STRC preferred stock and $50.7 million to STRC dividends. The remaining $30 million was added to its USD Cash account.